The Indian rupee fell 6 paise to 95.42 against the US dollar in early trade on Wednesday, weighed down by the sharp rise in Brent crude toward USD 90/bbl, as hopes of a quick US-Iran agreement and reopening of the Strait of Hormuz faded. Markets are increasingly sceptical about a quick US-Iran agreement, while reports of attacks on shipping have renewed concerns about physical supply. INR opened at Rs 95.40 per dollar and hit a low of 95.44 so far during the day. Local shares opened lower, extending losses from the previous session as Brent crude futures held near $89 a barrel on growing concerns about prolonged disruptions to supply. Brent prices soared nearly 12 percent over the previous session as the U.S. and Iran remained at odds over reopening the Strait of Hormuz and Yemen’s Iran-aligned Houthi forces launched fresh ballistic missile attacks on the Red Sea port city of AI-Makha. The benchmark BSE Sensex was down 320 points, or 0.4 percent, at 77,833 in early trade while the …
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